E-Money in Ukraine: Regulation and Practice — Two Sides of the Coin
Dr. Viktor M. Dovhan
Electronic money existed and was used in Ukraine without the necessary regulatory framework for quite a long time. The first attempt by the National Bank of Ukraine (the NBU) to regulate the area of electronic money was made in 2008. Despite a slight progress of regulation since 2008, it remains
underdeveloped primarily due to a rather restrictive NBU approach reflected in the existing normative acts, lack of a special law governing the activity of domestic and foreign electronic money systems in Ukraine, and absence of the required provisions in Ukrainian legislation on bookkeeping and taxation of electronic money payments received by goods and services vendors…
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